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  • A Strategic High-Yield Discussion And Portfolio Planner [View article]
    If you want high yield, consider the fact that ACAS, the largest holding of BDCS, does not pay a dividend. I think it makes more sense to divide your BDCS allocation among two or three of the very best BDCs, such as HTGC and MAIN.

    Why these two? Quality of management, resulting in quality of returns. Both are internally managed, with lower than average management fees, MAIN being the lowest of all. These lower costs enable them to invest in lower yielding and thus higher quality middle market paper. Long term results demonstrate the difference.

    Over the time that both have existed, MAIN has an annualized total return with dividends reinvested of 20.42%. PSEC has done a lot worse at 2.39%.

    Over the time that both have existed, HTGC has an annualized total return with dividends reinvested of 11.42%. PSEC has done a lot worse at 6.81%.
    Jan 29, 2015. 01:15 PM | Likes Like |Link to Comment
  • How Much 'Extra' Return Are You Getting If You Reinvest Dividends? [View article]
    That Ben Graham quote is not accurate. I own a copy of 'Security Analysis', from which that quote supposedly originates. Graham and Dodd discuss the ideas of voting and weighing machines in several places. Here are the actual and very different quotes:

    “The stock market is a voting machine rather than a weighing machine.”

    “In other words, the market is not a weighing machine, on which the value of each issue is recorded by an exact and impersonal mechanism, in accordance with its specific qualities. Rather should we say that the market is a voting machine...”

    There is a public Bogleheads discussion of this issue, based on a facsimile edition of 'Security Analysis', that found the exact same quotes[1].

    Buffett gets a lot right, but not that.

    [1]http://bit.ly/1dvltGv
    Jan 29, 2015. 12:13 PM | 5 Likes Like |Link to Comment
  • Prospect Capital: Oil, Energy And CLO Exposure [View article]
    Better yet, PSEC vs MAIN.
    Jan 29, 2015. 10:51 AM | 3 Likes Like |Link to Comment
  • How Much 'Extra' Return Are You Getting If You Reinvest Dividends? [View article]
    DVK,

    You missed my reply elsewhere in this thread. Dividend Channel sources their data from CSI[1], and they calculate reinvestment on the x-div date.

    [1]http://www.csidata.com
    Jan 29, 2015. 12:51 AM | 1 Like Like |Link to Comment
  • How Much 'Extra' Return Are You Getting If You Reinvest Dividends? [View article]
    longrundata.com just replied. They will let me know when they can discuss their data source.
    Jan 28, 2015. 02:07 PM | 1 Like Like |Link to Comment
  • How Much 'Extra' Return Are You Getting If You Reinvest Dividends? [View article]
    DVK,

    >"I want one that does not use Yahoo's adjusted prices as a proxy for doing the actual calculations"

    I just had a phone conversion with Dividend Channel. Their data source is CSI[1], and they compute reinvestment on the x-div date.

    I also just sent an email to longrundata, asking the same two questions. Here is their reply:

    "We calculate on x-date. We are currently in the process of switching providers and it wouldn't be appropriate to comment on an existing or pending relationship. Thanks for your interest and we appreciate your patronage...Harvey."

    I have asked Harvey to communicate their new data source when and if they feel they can reveal it. Here's hoping.

    [1] http://www.csidata.com
    Jan 28, 2015. 01:58 PM | 1 Like Like |Link to Comment
  • How Much 'Extra' Return Are You Getting If You Reinvest Dividends? [View article]
    Some time ago I asked longrundata what date they used to calculate dividend reinvestment. They said they use the x-div date. Assuming that has not changed, their results can only be an approximation.

    I did not ask them about their data source.

    I have not asked Dividend Channel either question.
    Jan 28, 2015. 01:32 PM | 2 Likes Like |Link to Comment
  • U.S. Deflation Update [View article]
    >Declining prices increase the value of assets on a balance sheet, which offset the larger real cost of debt.<

    Sounds good, but. Debt must be serviced with cash. If assets must be sold to get the cash, there is a real potential for asset sales to force down pricing, thus depleting corporate book values and adding to the deflation.
    Jan 28, 2015. 01:09 PM | 5 Likes Like |Link to Comment
  • Procter & Gamble's Latest Earnings Release And The U.S. Dollar [View article]
    I want more but it is still over priced.
    Jan 27, 2015. 12:16 PM | 1 Like Like |Link to Comment
  • How Much 'Extra' Return Are You Getting If You Reinvest Dividends? [View article]
    The reason DGIs are Buffett fans but not particularly BRK fans (some are, some are not) is how Buffett invests. Part of BRK's portfolio is dividend stocks, Buffett is a big proponent of value investing, and DG investing is a form of value investing.

    I do not see a dissonance. Opinions may vary.
    Jan 27, 2015. 11:59 AM | 3 Likes Like |Link to Comment
  • How Much 'Extra' Return Are You Getting If You Reinvest Dividends? [View article]
    Interesting arcana.
    Jan 27, 2015. 11:53 AM | Likes Like |Link to Comment
  • How Much 'Extra' Return Are You Getting If You Reinvest Dividends? [View article]
    David,

    Yes, Investopedia made a mistake in calling the S&P 500 a total return index. You would think they would know better.

    There is a symbol for the S&P 500 total return index - SPXT. You can see how its chart differs from that of the S&P 500 index[1].

    [1]http://bit.ly/1Bk9GEX
    Jan 27, 2015. 11:48 AM | 2 Likes Like |Link to Comment
  • How Much 'Extra' Return Are You Getting If You Reinvest Dividends? [View article]
    The cash back rewards at Costco are especially nice. ;-)
    Jan 27, 2015. 11:42 AM | 2 Likes Like |Link to Comment
  • Top 10 BDC Issues For 2015: Survey Results Part 2 [View article]
    gawilley,

    >MAIN - "this is a good sign for the other BDCs and that the oil/energy exposure fears are overblown"
    Yet, the 1yr chart shows a significant underperformance to the tune of -11%<

    Underperformance compared to what? MAIN has performed better than the Wells Fargo BDC Index over the past year[1].

    >FSC - "FSC's energy exposure is now 2.5%"
    Yet, the 1yr chart shows a significant underperformance to the tune of -14%<

    Again, underperformance compared to what? FSC has performed almost exactly the same as the Wells Fargo BDC Index over the past year.

    [1]http://on.mktw.net/1Bj...
    Jan 27, 2015. 10:19 AM | 5 Likes Like |Link to Comment
  • How Much 'Extra' Return Are You Getting If You Reinvest Dividends? [View article]
    I gave you the tool to do it yourself: Dividend Channel[1].

    [1]http://bit.ly/1FXPr5w
    Jan 27, 2015. 09:55 AM | 2 Likes Like |Link to Comment
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